ECONOMYNEXT – Sri Lanka has cut the lease rentals charged on state land released for commercial agriculture, Lands Minister Gayantha Karunathilake said.
Though concessions were given for state land released for housing and industry, land released for commercial agriculture is charged a higher rate, he said.
Under concessions approved by the cabinet of ministers an upfront fee equal to three years lease rentals will no longer be charged.
Instead of increasing the lease rental by 50 percent every five years, only a 20 percent increase will be made.
If the lease is renewed, its value will be assessed as an increase of 20 percent from the previous lease. (Colombo/Feb21/2018)